Fed Governor Adriana Kugler to resign
Investing.com -- SoFi Technologies Inc. (NASDAQ:SOFI) stock dropped 5.9% after-hours after the digital financial services platform announced plans for an underwritten public offering of $1.5 billion of common stock shares.
The company said it will grant the underwriter, Goldman Sachs & Co (NYSE:GS). LLC, a 30-day option to purchase up to an additional 15% of the offered shares. SoFi intends to use the net proceeds for general corporate purposes, including working capital and other business opportunities.
The stock decline comes just after SoFi shares rose 6.6% following a strong second quarter earnings report. The company had posted adjusted net revenue of $858 million, beating analyst expectations of $804.23 million and showing a 44% YoY increase. Adjusted earnings per share came in at $0.08, exceeding the consensus estimate of $0.06.
SoFi also reported record adjusted EBITDA of $249.1 million for the quarter, representing an 81% increase compared to the same period last year.
The offering will be made under an automatic shelf registration statement on Form S-3 that became effective with the SEC on July 29, 2025. All shares in the offering will be sold exclusively by SoFi.
The company currently serves over 11.7 million members across its digital platform, which offers services for borrowing, saving, spending, investing, and financial protection. SoFi’s technology platform, Galileo, is also used by financial institutions and brands managing approximately 160 million global accounts.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.